How much you can borrow will depend on your monthly income, your living expenses and the amount of deposit you have. The exact amount you can borrow varies from lender to lender. Court Financial Services can give you an estimate in your initial meeting, and help you determine repayment amounts that are suitable for your income level and living expenses.
Repayment amounts vary according to your loan amount and the interest rate. Court Financial Services can show you different repayment scenarios to help you determine the level of repayments you can afford.
Generally you need to have at least 10% of the purchase price ready for a deposit, and first home buyers need to be able to show a savings history of at least six months.
The first home buyers grant is a once-off $7000 payment eligible to first home buyers who are buying a house less than $750,000 and meet certain criteria.
Applications for the First Home Buyers Grant can be obtained from Court Financial Services. You are required to complete this application personally.
Some lenders will process First Home Buyers Grant application with your home loan application. If your lender doesn't (Court Financial Services will let you know if this is the case), you will need to send your First Home Buyers Application to the State Revenue Office for processing.
To be eligible for the Australian Government's First Home Owner Grant you must:
If you are buying the property in conjunction with others, they must also meet the same criteria for the First Home Owners Grant to be applicable.
The Grant is not means tested and no tax is payable on it.
There are also additional grants that some state governments are providing to first time buyers in each different state:
For more information on the First Home Buyers Grant and information on what additional payments you may be eligible for from your state government, visit www.firsthome.gov.au or call Court Financial Services.
Court Financial Services holds Australian Credit Licence #385059.
